Gordon Richardson has life insurance in his blood.  He is a second-generation life insurance producer, learning from his father who has been a Windsor friend for decades.  For Gordon, life insurance has always been a key part of what he offers to clients and is integral to his business.  As "Life Insurance Awareness Month 2022" winds down, we asked Gordon to share a story about how practicing his profession provided security for his clients, and deeply personal rewards for him.

"Mary Ferguson is one of my wife's best friends," begins Gordon.  "They were in the same sorority in college, they were in each other's wedding.  In 2009 after the birth of Mary's first child and pregnant with their second, Mary insisted that her husband Chad buy some life insurance from me.  We set up a $2,000,000 policy and everyone was happy.

"Six years later, Chad was diagnosed with colon cancer.  He fought it off for almost four years, but eventually passed away in 2019.  Mary and her two young girls were heartbroken, and the stark financial realities were front and center.   But Chad's life insurance policy changed everything.  Financial struggles were handled, one less thing on their plate.  Can we stay enrolled in the private school?   Can we put a new roof on the house?  Can we go on vacation?  'Yes,' was the answer that policy provided.

"Mary has a great job with IBM and does very well. But there is no way things would have been comfortable without that life insurance. It allowed Mary to make strategic decisions for her girls' lives, and for their family's future, just like she would have if Chad were still with us."

"In July 2021, a prominent insurance broker referred us to one of his clients.

The client had just left a big company and had formed his own consulting business.  The referring advisor said, "He is a healthy 45 year old and his family needs the protection. Please be persistent and get a term policy placed."

In October 2021, we placed a $2,000,000 term life insurance policy in force.  The client qualified for the Preferred Non-Tobacco rate class and the guaranteed annual premium for 15 year term was less than $1,300/yr.

On July 15, 2022, there was a voice mail message from his wife:  "I think that my husband bought a life insurance policy from you last year.  Please call at your earliest opportunity."

The facts follow:

• October 2021: 45 year old male bought $2,000,000 term life policy
• July 9, 2002, the insured had outpatient knee surgery to repair a torn ACL
• Later that evening, he was not feeling well and was rushed back to the hospital
• July 10, 2022, the insured died
• Cause of death:  stroke caused by blood clot

Since the policy was only 9 months old, it was still in the 2 year "contestable" period.  This meant that the life insurance company had the right to thoroughly research all facts to make sure that there was no "foul play" before paying out the death claim.

The widow was required to participate in a telephone interview and to respond to a brief paper questionnaire.

The death benefit was officially approved on September 9, 2022.

The widow has some other assets, but without the $2,000,000 life insurance policy, she would have been forced to make some very hard decisions, including:

• Where do we live?
• How does that impact schooling for two sons, ages 14 and 10?
• Will I have to return to full time work?
• Will I be able to afford a comfortable retirement?

$2,000,000 of tax free life insurance does not replace all of the future earning power of the deceased father, but it certainly helps.

It's human nature to put off discussions regarding death, estate planning and life insurance.  But if we don't embrace these tough topics, it is a disservice to our families and/or business partners.  Please urge your clients to:

• Review estate planning documents
• Review all life, disability and long term care insurance policies
• Review all business documents including buy-sell agreements and provisions to replace Key Employees

It's not very glamourous, but when tragedy occurs, a stock portfolio and real estate are no match for the tax free life insurance payout to a grieving spouse and children.  In a business setting, how will the surviving partners replace the Key Person and how will they be able to buy out his or her interest in the company?

This is particularly true in 2022 with the Dow and NASDAQ down and real estate cooling off amid increasing mortgage interest rates and fears of recession.

If any of your clients needs help reviewing insurance policies or determining next best steps when exploring new coverage, we'll be delighted to help!"

If you have your own stories to share with friends and clients, so much the better.  But if not, there is a wealth of information and resources available to you, offered by highly regarded professionals and financial institutions, as well as organizations created to promote the value of life insurance.  

Here are a few that you should find useful. Click the headings for more details.

Life Happens:  "It's like Teresa is still watching over us and taking care of us."

As a building contractor, Nicolas Virgen saw the rationale for getting life insurance for himself.  But it was their insurance professionals who showed the couple how important it was to also insure Teresa, a stay-at-home mom.  Tragically, a hit-and-run driver slammed into the family's truck while they were driving home one evening, and Teresa did not survive the accident.  Nicolas is certain they would have lost their home without Teresa's life insurance.

For life insurance professionals, George and Gordon's stories are more than just words. Their emotional appeal and moving personal messages vastly outweigh the importance of a multi-page life insurance product illustration, or the slickest advertising graphics money can buy.

At Windsor, we're ready to help you create your stories, the ones you will tell to friends and prospects for decades to come.  We're here when you need us, just as we have been for over 40 years.  We look forward to hearing from you.